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Lakshmi Vilas Bank will function as DBS Bank India Ltd

BL Internet Desk | Updated on November 27, 2020 Published on November 27, 2020

Lakshmi Vilas Bank has merged with the Indian arm of Singapore-based DBS Bank on November 27. This has led to the removal of all restrictions, including the withdrawal cap of ₹25,000 that was imposed by the RBI on Lakshmi Vilas Bank earlier this month.

In a statement, the RBI said that all the branches of Lakshmi Vilas Bank will function as branches of DBS Bank India Ltd.

This comes after the Union Cabinet has approved the merger.

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Published on November 27, 2020